Gateway Financial Holdings Inc. will move its corporate headquarters to a new proposed office tower at Virginia Beach Town Center. It plans to lease 50,000 square feet on two floors and operate a 4,000-square-foot branch on the ground level.
The deal positions the company as the project’s anchor tenant in what would be known as Gateway Bank Tower. It would be the third high-rise office for the town center. The mixed-use project is already home to the Armada Hoffler Tower at 23 floors and the Westin Virginia Beach Town Center Hotel and Residences, which at 40 floors is the tallest building in Virginia.
Developer Armada Hoffler plans to break ground on the 22-story, $100 million plus Gateway Bank Tower project in about six months.? Gateway Financial is located now at a temporary site in Virginia Beach. It operates 35 branches in Virginia and northeastern North Carolina, with seven of its 14 Hampton Roads centers located at the beach.
Commercial real estate developer Armada Hoffler says it will invest about $75 million in the 364,000-sqare-foot project. Money for a 650-space parking garage would come from public sources and tax-increment financing. According to the City of Virginia Beach, Gateway would make a capital investment of more than $7.1 million in the project. The company hopes to be in its new location by 2010.
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